The JSE enjoyed a fairly decent run for a second consecutive day amid apparent signs of bargain hunting in recently battered stocks.
The global backdrop was somewhat positive, after two anti-establishment parties in Italy resolved to form a coalition government, thus avoiding a snap election, which was seen as potentially damaging to the eurozone project.
The developments helped nudge investors back into risky assets after a particularly rough month for the local share market.
The all share was up 1.04% to 56,740.70 points in early trade, as top 40 gained 1.17%, boosted by resources, industrials and banks.
The all share shed 3.5% in May as a whole, as sentiment towards emerging markets took a big knock and played out in fairly big equity and bond outflows.
Turkey and Argentina in particular bore the brunt of the selloff, with their currencies dropping against the strengthening dollar, thus forcing the hand of the Turkish central bank to raise interest rates to put a floor under the lira.
The selling was broad based on the JSE during May, though big diversified miners held reasonably well, partly as a result of a weaker rand.
Momentum Securities analysts said in a note that a pullback in US treasury yields from their recent highs was encouraging for share markets in general.
Significantly higher yields tend to detract from the allure of share markets, which can then create volatility as traders adjust their positions.
Europe’s leading markets were higher in early trade, breaking ranks with their counterparts in Asia, where the Nikkei 225 was marginally weaker.
US nonfarm payrolls will take the spotlight in the afternoon, where investors will be looking for signs of inflationary pressure in the wage inflation figures, which will in turn carry implications for US interest rates.
Sasol was up 3.37% to R472.92, Anglo American 1.98% to R308.50 and Anglo American Platinum 2.33% to R343.81.
Standard Bank was up 1.9% to R211.35 and Barclays Africa 1.93% to R164.80.
Naspers, which is the biggest share on the all share index, was up 2.28% to R3,094.90.